CoServ Gas Hires Glass & Associates To Secure Additional Capital or Purchaser.Business Editors CORINTH Corinth, city, Greece Corinth (kŏr`ĭnth) or Kórinthos (kô`rĭnthôs), city (1991 pop. , Texas--(BUSINESS WIRE)--Feb. 11, 2002 CoServ Gas, Ltd. today announced that it has retained the firm of Glass & Associates, Inc. to help the company secure additional capital or a purchaser on an expedited basis. "Prior to now, CoServ Gas' activities were funded by its revenues or a loan facility with the National Rural Utilities Cooperative Finance Corporation ("CFC CFC See: Controlled foreign corporation "). In light of the recent Chapter 11 filing by our parent company, CoServ Electric CoServ Electric is a non-profit rural electric utility cooperative headquartered in Corinth, Texas. CoServ was organized in 1937 as the Denton County Electric Cooperative, and took its current DBA name (a shortened version of "cooperative services") in 1998. , and its struggles with CFC, CoServ Gas must move quickly to find additional capital or a purchaser to continue its business plan," said Curtis Trivitt, vice president. "We have engaged Glass & Associates because the firm has a proven record of completing transactions for companies similar to ours on an accelerated time frame, and because we believe their approach will produce the best possible outcome in helping us achieve our business plan." CoServ Gas has not been included in the Chapter 11 reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. process under which various other CoServ companies are now operating. Those CoServ companies voluntarily sought Chapter 11 protection on Nov. 1, 2001, and Feb. 1, 2002, after continued negotiations between CoServ Electric and CFC failed to result in a satisfactory resolution of the significant differences between the two companies. CoServ Gas will continue to provide high levels of service to its approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 11,000 gas customers in North Texas. For nearly 65 years, CoServ Electric has provided dependable, affordable electric power to thousands of customers in the North Texas area. In 1998, the company expanded both its service area and its service offerings to include a broad range of services. CoServ currently provides a wide variety of services, including electric, gas, telephone, cable television, security and Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the to several counties in North Texas. Additionally, CoServ has provided financial support for real estate developments in the area and stimulated stim·u·late v. stim·u·lat·ed, stim·u·lat·ing, stim·u·lates v.tr. 1. To rouse to activity or heightened action, as by spurring or goading; excite. See Synonyms at provoke. 2. growth in the North Texas region. Further information on CoServ and CoServ Gas is available at www.coserv.com. |
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